COMMERZBANK AKTIENGESELLSCHAFT

The Issuer, the Determination Agent and their affiliates may on the issue date of the Notes or at any
time thereafter be in possession of information in relation to any Reference Underlyings that may be
material to holders of any Notes and that may not be publicly available or not known to the
Noteholders. There is no obligation on the part of the Issuer to disclose any such business or
information to the Noteholders.
These risk warnings do not substitute advice by the investor's bank or by legal, business or tax
advisers, which should in any event be obtained in order to be able to assess the
consequences of an investment in the Notes. Investment decisions should not be made solely
on the basis of the risk warnings set out in this Prospectus and the relevant Final Terms since
such information cannot serve as a substitute for individual advice and information which is
tailored to the requirements, objectives, experience, knowledge and circumstances of the
investor concerned.
Risk Factors relating to Commerzbank Aktiengesellschaft
Strategic Risks
In acquiring Dresdner Bank and merging it with and into Commerzbank, the Bank has set itself the
objective of establishing the Group for the long term as one of the leading German banks and creating
a platform to unlock further growth potential, especially in Germany. In particular, the Bank aims to
make the Group one of the leading main banks for private and corporate customers in Germany.
However, the ongoing deterioration in economic conditions in the Group’s core markets, i.e.,
particularly in Germany and Central and Eastern Europe, and worsening capital market conditions
may prevent this goal from being achieved and the new strategic orientation from being implemented.
Should the Group fail to implement the strategic plans it has announced, or fail to do so in full, or if the
costs associated with the implementation of these plans were to exceed the Bank's expectations, the
Group’s business, results of operations and financial condition could be materially adversely affected.
The German banking sector is fiercely competitive. It is frequently waged via prices and conditions,
resulting in margins that are commercially unattractive or inappropriate to the level of risk. In retail
banking there exists a to some extent extensive competition. This may intensify in the future as many
competitors are increasing their focus on retail banking at the expense of their core business on the
back of the financial market crisis. In addition, the banks seek to reduce their dependency on the
interbank market by increasing the share of their funding obtained from retail deposits. This
development may also lead to even more intense competition.
In the corporate client business, and also in the area of investment banking, German banks are
competing with a range of foreign providers that have considerably expanded their footprint on the
German market in the past few years, even though there has recently been talk of foreign banks
adopting a more defensive business policy. On account of this intense competition, it is not possible to
generate commercially attractive margins in some segments or subsegments of the market. In
response to this situation, some competitors in the corporate client business do not always take
sufficient account of the default risk that lending entails (risk-adjusted pricing). As a result, there is a
risk at present that competition in the sector will continue to intensify.
Should the Group fail to offer its products and services on competitive terms while continuing to
generate margins that at least compensate for the costs and risks associated with its business
activities, its business, results of operations and financial condition could be materially adversely
affected.
The Group is exposed to liquidity risk, i.e., the risk of being unable to meet its current and future
payment obligations or of being unable to fulfill such obligations on time. Liquidity risk can take various
forms. For example, the Group may be unable to meet its payment obligations on a particular day and
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